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Cell Therapeutics, Inc. Announces Public Offering of Common Stock and Warrants
Date:7/22/2009

SEATTLE, July 22 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (Nasdaq and MTA: CTIC) ("CTI" or the "Company") today announced that it has commenced an underwritten public offering of up to 29,332,107 shares of its common stock and warrants to purchase up to 7,333,027 shares of its common stock. In connection with the offering, the Company plans to grant the underwriter a 30-day option to purchase up to 4,399,816 additional shares of its common stock and warrants to purchase up to 1,099,954 additional shares of its common stock to cover overallotments, if any.

The Company currently intends to use the net proceeds from the offering for working capital and for general corporate purposes, which may include, among other things, paying interest on and/or retiring portions of the Company's outstanding debt, funding research and development, preclinical and clinical trials, the preparation and filing of new drug applications and general working capital.

Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), is acting as sole book-running manager for the offering. The offering is being conducted as a public offering pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission. Any offer of the common stock and warrants will be made by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting Rodman & Renshaw, LLC at 1251 Avenue of the Americas, 20th Floor, New York, New York 10020, or by calling (212) 356-0549.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such o
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SOURCE Cell Therapeutics, Inc.
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